Overpriced properties sell for less

Jessica Nangle

September 16, 2019

residential property transactions

Homes brought to market overpriced sell for £12,000 less than their listing price on average across England and Wales, according to the latest research from Zoopla.

The research also shows that over-valued properties can remain on the market up to 58 days longer than their accurately valued counterparts.

In London, overpriced homes took an average of 60 days longer to sell than those which were keenly priced.

English and Welsh homes achieved an average of 96.3% of their asking price.

Charlie Bryant, managing director of Zoopla, said: “Our research highlights the importance of accurate pricing and reveals the areas where there is the healthiest alignment between a seller’s expectations and what a buyer is willing to pay for a property.

When a home is valued too ambitiously at the start, or simply overpriced, the sales process can be derailed.

“Homes can languish on the market for much longer than they should and the vendor loses control of the sale, often leading to price reductions.

“Agents in Salford, Driffield and Dronfield stood out in our report in aligning their vendor expectations with the realities of the market, and what a potential buyer is willing to pay for that particular house, in that particular location.

“The English and Welsh average sold price, which amounts to 96.3% of the asking price, indicates a market realism, and moreover a market that is transacting good values, despite wider macro-economic and political concerns.”

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